The pandemic has brought on an unprecedented boom in real estate in the country as a whole – and the Greater Ottawa Area is seeing these effects.
Overwhelming demand, bidding wars, multiple offers scenarios and movement to suburban areas have led to a surge in real estate prices in the Greater Ottawa Area.
Members of the Ottawa Real Estate Board (OREB) sold 2,285 residential properties last month, in March. This is a whopping 51 per cent increase compared to last year – 1,514 in March 2020. This increase is seen across various property types: in March 2021, sales in the residential-property class are up 47 per cent and 65 per cent in the condominium-property category compared to March 2020.
OREB President Debra Wright attributes this increase to the early rise in warm weather – the remarkable and unseasonably warm temperatures facilitated buyers’ ability to view and purchase homes. On the other hand, she posits that the intense jump could also be contrasted with the figures of March 2020 because of the previous year’s State of Emergency – forcing people to stay home and halting all non-essential activity – including real estate purchase.
No matter the reason, the fact is that property values are escalating. Wright notes that 80% of home resales in Ottawa sold over asking. This is due to several factors, including long term inventory shortage, multiple offers scenarios, bidding wars, and movement beyond urban centers.
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Whether you are looking to buy or sell property in the Greater Ottawa Area, it is critical that you have a real estate agent on your side who understands your needs. Adam Mills and his team have been in business for over ten years and have a proven track record for success. Our team is comprised of knowledgeable and experienced professionals who are happy to help you navigate the ever-changing Ottawa real estate market. Please contact us at 613-825-7653 or email us at firstname.lastname@example.org for more information or help with your relocation.